UBS Outlook Dims on Revenue Drop

UBS has underscored just how rapidly the investment-banking climate has deteriorated of late. No one expected the exuberance of the first three months of the year to continue indefinitely. But no one expected the environment would become more uncertain either.

In May, the Swiss bank was anticipating a full recovery of financial markets and investor confidence. Since then, market activity has come crashing down. UBS is doing its best...